Trinity Mirror said: "The board of Trinity Mirror plc notes the recent media speculation and confirms that it is at an early stage of discussions towards taking a minority interest in a new company comprising certain of Northern & Shell's assets."

The statement suggests that Northern & Shell, which also OK! magazine, could spin out its daily newspaper titles.

The Telegraph said that a partnership will enable the two companies to increase their scale and make savings "in printing, distribution, and back office."

All newspapers are fighting falling circulation and advertising revenues. Latest figures, reported by Press Gazette, show that the Daily Mirror's print circulation fell 11.17% in November. The Daily Express fell 1.9% over the same period, while The Daily Star rose marginally by 0.53%.

Trinity Mirror said no offer has been made and "there is no certainty that any agreement will be reached." It added: "A further announcement will be made if and when appropriate."